* Industry diversification based on Moody's industry classification. Measured as the fair value of investments for each category against the total fair value of all investments. Totals may not sum due to rounding.
A balanced portfolio built on the cornerstones of diversification and selectivity
Anchored in senior secured loans, NCDL has built a scaled and diversified portfolio by industry, investment type and portfolio company. Selectivity, diversification and rigorous underwriting are key to our investment philosophy, enabling strong credit performance since inception.
$2.0B
Investment portfolio at fair value1
90%
First-lien term loans2
227
Portfolio companies
0.4%
Average position size
$75M
Weight average annual EBITDA3
Portfolio holdings
Top ten positions
Lead Left Arranger
Senior Secured Credit Facility
2022
Lead Left Arranger
Unitranche Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2024
Lead Left Arranger
First Lien Credit Facility
2022
Lead Left Arranger
Senior Secured Credit Facility
2022
Sole Lead Arranger
Senior Secured Credit Facility
2024
Co-Lead Arranger
Senior Secured Credit Facility
Equity
2020
Lead Left Arranger
Senior Secured Credit Facility
2024
Agent Tier
Senior Secured Credit Facility
2019
Co-Lead Arranger
Senior Secured Credit Facility
2022
Represents the top ten positions in NCDL based on Fair Value as of December 31, 2025
| Company | Fair value ($ in thousands) | Industry | Asset Types | Pricing1 |
|---|---|---|---|---|
| Olympus US Bidco LLC (Phaidon International) | 12,486,094 | Services: Business | First Lien Debt | S + 5.50% |
| MPG Parent Holdings, LLC (Market Performance Group) | 12,415,970 | Consumer Goods: Non-durable | First Lien Debt | S + 5.00% |
| Ascend Partner Services LLC | 12,211,641 | Banking, Finance, Insurance & Real Estate | First Lien Debt (Delayed Draw) | S + 4.50% |
| KRIV Acquisition, Inc. (Riveron) | 12,029,975 | Services: Business | First Lien Debt | S + 4.75% |
| Renaissance Buyer, LLC (LMI Consulting, LLC) | 11,979,021 | Sovereign & Public Finance | First Lien Debt | S + 4.75% |
| SI Solutions, LLC | 11,683,827 | Environmental Industries | First Lien Debt | S + 4.75% |
| Eliassen Group, LLC | 11,547,428 | High Tech Industries | First Lien Debt | S + 5.75% |
| INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | 11,284,407 | Wholesale | First Lien Debt | S + 5.50% |
| MEI Buyer LLC | 11,174,164 | Construction & Building | First Lien Debt | S + 4.25% |
| Heartland Veterinary Partners LLC | 10,812,638 | Healthcare & Pharmaceuticals | Subordinated Debt (Delayed Draw) | 7.50% (Cash) 7.00% (PIK) |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) | 10,729,817 | Automotive | First Lien Debt | S + 5.00% |
| Healthspan Buyer, LLC (Thorne HealthTech) | 10,369,760 | Healthcare & Pharmaceuticals | First Lien Debt | S + 4.75% |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | 10,352,901 | Utilities: Electric | First Lien Debt | S + 4.75% |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | 10,202,847 | Transportation: Consumer | First Lien Debt | S + 4.75% |
| Sara Lee Frozen Bakery, LLC (f/k/a KSLB Holdings, LLC) | 10,101,555 | Beverage, Food & Tobacco | First Lien Debt | S + 5.00% |
| Excel Fitness Consolidator LLC | 10,063,798 | Services: Consumer | First Lien Debt | S + 4.75% |
| Transit Buyer, LLC (Propark Mobility) | 10,039,012 | Services: Business | First Lien Debt (Delayed Draw) | S + 4.75% |
| Ivex Holdco Inc. (Specialized Packaging Group) | 9,959,829 | Containers, Packaging & Glass | First Lien Debt | S + 5.50% |
| MBS Holdings, Inc. | 9,821,526 | Telecommunications | First Lien Debt | S + 5.00% |
| FirstCall Mechanical Group, LLC | 9,763,103 | Capital Equipment | First Lien Debt | S + 4.75% |
| Tau Buyer, LLC | 9,719,285 | Services: Business | First Lien Debt | 5.70% (Cash) 2.50% (PIK) |
| XpressMyself.com LLC (SmartSign) | 9,650,000 | Consumer Goods: Durable | First Lien Debt | S + 5.50% |
| Boardwalk Buyer LLC (Death Wish Coffee) | 9,575,000 | Beverage, Food & Tobacco | First Lien Debt | S + 4.75% |
| Empower Brands Franchising, LLC (f/k/a Lynx Franchising LLC) | 9,552,978 | Services: Business | First Lien Debt | S + 5.75% |
| KENG Acquisition, Inc. (Engage PEO) | 9,450,200 | Services: Business | First Lien Debt | S + 4.50% |
| Tinuiti Inc. | 9,390,104 | Media: Advertising, Printing & Publishing | First Lien Debt (Delayed Draw) | 6.42% (Cash) 3.13% (PIK) |
| Gabriel Partners, LLC | 9,344,289 | Services: Business | First Lien Debt | 4.62% (Cash) 5.45% (PIK) |
| Exterro, Inc. | 9,310,548 | High Tech Industries | First Lien Debt | S + 5.25% |
| ADPD Holdings LLC (NearU) | 9,282,489 | Services: Consumer | First Lien Debt | 5.03% (Cash) 5.00% (PIK) |
| Rhino Intermediate Holding Company, LLC (Rhino Tool House) | 9,230,900 | Capital Equipment | First Lien Debt | S + 5.25% |
1. The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at March 31, 2026. As of March 31, 2026, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 3.66%, 3.68%, 3.70%, and 3.73% respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate (“P”). For fixed rate loans, a spread above a reference rate is not applicable.